1. Be Wi$e with Money
Financial Literacy & Advising Lew DeLuca Wintergreen Building 108E

2. Time Is Money
“Money is something you trade your everyday life energy for.”
“You sell your time for money.”
“Your time is your only real asset.” Joe Dominguez
Example: You earn $10/hour and your cell phone costs $100/month. Therefore, it takes you 10 hours of work to pay for your monthly cell phone bill.

3. Life = Making Decisions
We make 6-10 Money Decisions Daily
$5 coffee/day = $1,825/year
Alexa von Tobel in One Life-Changing Class You Never Took
Scholarships
Go To Class! $62

4. $ Saving Tips Track Expenses (LearnVest, Mint, YNAB)
Rent textbooks or buy used (Loan from Multicultural Center: ASC 234)
Use student discounts (UNiDAYS, U-Pass)
Pay Unsub. loan interest now
Limit financial aid refunds

5. Spending Plan 50% Essentials/Needs
30% Housing, 10% Groceries, 5% Utilities, 5% Transportation
20% Future
Emergency Fund (6 mons.), Debt, Retirement, 529 College Savings
30% Lifestyle/Wants
Play, Vacation, Charity
Budgeting

6. Student Loans
Borrow money now, repay with interest later
NSLDS
Nearly $27,000 SCSU UG debt (vs. ~$40,000 nationwide)
Repay ~$300/month x 10 years including $7,500 interest ($34,500)
Student Loan Rule of Thumb: EARN>BORROW
Student loans = Investment in Yourself
College graduates earn $1M more lifetime earnings than high school graduates

7. Credit Cards
Use 1 card sparingly (<30% of limit): no annual fee, rewards program (Bankrate.com & nerdwallet.com)
Pay bill in-full and on-time (46% do not)
---OR---
$1,000 25% interest rate and pay $40 minimum for 7 yrs. & 2 mo. = $1,840
How to use

8. CREDIT: Reports & Scores
Use CREDIT for: car loan, mortgage, insurance and when applying for a job, private loan or credit card
Reports are
From Experian, Equifax & TransUnion
Credit score > GPA

9. FICO Credit Score

10. 10% Compounding Interest
Pay Yourself First
$42,000 Gross pay ($3,500/month) $34,227 Net pay ($2,852/month)
Automate it to save 20% earnings ($570/month)
Investing: Roth IRA, 401k/403b (co. match), pension
$1,000,000 = $10/day at 10% for 54 years or $20/day for 27 years
Reis Up
$5/Day or
10% Compounding Interest
1 Year
$1,885
5 Years
$11,616
10 Years
$30,727
40 Years
$948,611

12. The Index Card, by Helaine Olen and Harold Pollack